7. CONCLUSION

Overall M.Y. Sarafsa is considered to be in reasonable condition. She has suffered from many years of inadequate funding which has resulted in the overall condition of the yacht to deteriorate. There is currently a minimal crew onboard who are doing a reasonable job - they are doing the best they can with the limited funds that they have available.

From an operational perspective all safety, security and onboard management systems are in place and being maintained by the crew. These systems can be made more efficient with the help of an experienced management company. The financial management of the boat has been non-existent, this has resulted in many problems, the most urgent of which is a considerable number of unpaid invoices which need to be resolved urgently in order to prevent further arrests of the vessel. A financial management system should be implemented without delay.

Technically the yacht has been neglected for some time. The exterior paint is estimated to be 15 years old and in extremely poor condition. There is now no choice but to fully re-paint the yacht. All machinery onboard is functional, but has lacked routine maintenance - which it has not been possible due to lack of funds. This maintenance and servicing needs to be completed as soon as possible in order to prevent further deterioration or failure of the machinery.

Our recommendation is to immediately relocate the boat to a more suitable location such as Genoa, Italy, where she can be easily available to shipyards, yacht brokers, and management, all of whom who will need to visit on a regular basis in the coming months.